Tax and Superannuation Laws Amendment Act (2012 Measures No.1) Act 2012 amends the Taxation Administration Act 1953 to allow the Commissioner of Taxation to hold refunds for verification prior to payment.
The legislation provides the Commissioner with discretion to retain refunds for the period required to undertake checks to verify the correctness of the amount claimed. Certain threshold tests must be met before this discretion can be exercised. The discretion would apply in relation to refunds and payments arising under all taxation laws that the Commissioner administers.
Exposure Draft Legislation
My post on giving my initial thoughts on the exposure draft bill can be accessed here.
Submissions on Exposure Draft